A tariff refers to

Assessment: WAEC SSCE - Commerce - 2013 (Objective) Subject: Commerce

Question 1 Report

A tariff refers to

Answer Details
A tariff is a tax imposed on imported goods by the government of the importing country. The purpose of a tariff is to make the imported goods more expensive and less competitive compared to similar domestic goods. The goal of a tariff is to protect domestic industries from foreign competition, increase revenue for the government, and promote the consumption of domestic goods. Tariffs can be specific, meaning they are a fixed amount per unit of goods, or ad valorem, meaning they are a percentage of the value of the goods being imported.

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